Next is typically the first big retailer out of the blocks to update on Christmas trading and today all eyes were on the fashion giant for an industry read-across and insights from chief executive Lord Wolfson.

The retailer beat expectations following a better than expected performance in-store and online. Although shop sales were still down 3.9% during the three months to December 28, Next nudged up its full-year profit guidance by £2m. But what conclusions can the wider sector draw from Next’s performance?